Rewards and Perks, All in One
ABOUT MARQETA
Marqeta is the world’s first open API modern card issuing platform. Their mission is to be the global standard for modern card issuing, empowering builders to bring the most innovative products to the world. Marqeta’s platform enables developers to launch new programs with speed, flexibility and scale. With over 10 years of industry experience, Marqeta has issued over 270 million cards on their platform.
“If a company already has Fond Perks, it’s a no-brainer to integrate Fond’s Rewards and Recognition program. Given the success and engagement we’ve seen, I would highly recommend it.”
Lori McAdams
Chief People Officer, Marqeta
CHALLENGES
A Need for Recognition
Marqeta already provided their hardworking employees with great corporate perks through the Fond platform, but they discovered that employees wanted more recognition in the workplace. Through a recent engagement survey, they found that employees would be more satisfied if they received recognition for their work. Their team met to assess the current state of recognition and identify areas for improvement, and the Marqeta staff conducted a vendor search to find leaders in the market. “Employees wanted to feel more valued, and that came out as an opportunity for improvement in our engagement survey. Fond was one of the initial vendors we considered because of how easy the platform is to use and that it had all the features we were looking for,” says Lori McAdams, Chief People Officer at Marqeta.
Lack of Metrics and Monetary Rewards
Marqeta was sending recognition via their company-wide messaging platform, but this short-term solution lacked the analytics they needed. Additionally, recognitions sent through this platform had no monetary value. Marqeta wanted a platform with in-depth reporting and monetary recognition so they could track and analyze the success of their rewards and recognition program.
Reinforcing Core Values
Recognitions within Marqeta’s company-wide chat platform weren’t tied to company core values, which was a crucial element they wanted from a recognition program. Marqeta had recently updated their core values but there was no way to tie recognition to them when sending recognition via chat. They needed a program that could keep core values top-of-mind at such a critical time for their organization.
SOLUTION
49% increase in active users
87% of employees have received recognition
A Consolidated Rewards and Perks Platform
For Marqeta, deciding on a rewards and recognition platform was easy. The company already used Fond’s Perk program, and they were accustomed to Fond’s seamless user experience. While evaluating vendors, Marqeta saw that Fond Rewards had all the features they were looking for, like notifying managers when a recognition is sent, keeping recognition top-of-mind through automated emails, and tying recognition to core values. “If a company already has perks, it’s a no-brainer to integrate the recognition program,” says McAdams. “Given the success and engagement we’ve seen, I would highly recommend it.”
When Marqeta explored Fond’s Rewards functionality, they found it was exactly what they needed to promote rewards and recognition company-wide. “Fond is extremely easy to use and intuitive, both for Rewards and Perks,” says McAdams. “We already had a great relationship since Fond provides us with perks, and Fond has been easy to work with. We love the user experience of the platform, the robust catalog of perks, and the fact that we can tie recognition to our core values.”
Trackable Analytics and Monetary Rewards
Fond provides Marqeta with a dashboard of in-depth analytics to track recognition data. Marqeta has insight into how often recognitions are sent, which core values employees recognize each other for the most, how much of their recognition budget has been used, and much more. Employees can now send monetary rewards to each other, which makes recognition more meaningful and impactful.
Core Values
After Marqeta rolled out new core values, they launched Fond Rewards to spread the word. Employees can now recognize each other for embodying these core values, reinforcing them throughout the organization. “Having our values at the heart of the program is extremely valuable,” says McAdams. With Fond, Marqeta can keep their new core values top-of-mind, especially as employees learn them. Marqeta tracks which core values are recognized the most and uses this data to make decisions about what values to emphasize throughout the organization.
A Positive Employee Experience
Feedback from Marqeta employees about Fond Rewards has been resoundingly positive. They love the recognition roundup emails that provide insight into recognitions sent throughout the company and feel more connected to each other. McAdams states: “Marqeta is passionate about employee engagement, employee development, and employee satisfaction. It’s critical that people feel recognized for their hard work, and the Fond platform is such an amazing part of our company’s recognition program. I highly recommend it.”
Additionally, Marqeta has surpassed all their program goals. “Our rewards and recognition program has been a massive success,” says McAdams. “We set some KPIs when we launched, and we’re happy to say we have blown them away. Today, we’ve seen over 2,200 recognitions since the program launched and 87% of employees have been recognized.”
A True Partnership
Fond’s Customer Success team has also helped Marqeta in solving their rewards and recognition challenges. “Fond is a combination of a great product and a great partner,” says McAdams. Marqeta’s Customer Success Manager helps them with developing new and creative ways to incentivize employees to send recognition. Fond partnered with Marqeta to launch a company-wide Thank-a-Thon during the holidays. The Thank-a-Thon promoted sending recognition during a time of giving, and Marqeta employees received twice their usual monthly giving budget, encouraging them to send more recognition. The Marqeta Thank-a-Thon resulted in a new record for recognitions sent per month. “Fond’s customer service has been very helpful. They always bring great ideas to the table and have become a true partner in building our rewards and recognition program,” says McAdams.